Abrigo, a leader in compliance, credit risk, and lending solutions for financial institutions, announced the purchase of DiCOM Software, LLC, a leading provider of automated credit risk management software.
The deal marks Abrigo’s third acquisition in five months and second in a month, continuing the execution of the company’s strategy to provide superior software and services to a growing customer base of 2,400 financial institutions.
Abrigo acquires DiCOM Software, expanding capabilities and increasing scale
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The combination of Orlando, Fla.-based DiCOM Software and Abrigo will provide financial institutions with access to best-in-class loan review and portfolio analysis solutions that are vital for protecting asset quality in the face of increasing pressure on borrowers.
DiCOM Software’s solutions provide financial institutions unprecedented control over the entire credit risk management function with increased efficiency. Purpose-built to identify quickly the emerging risks in the portfolio, they give financial institutions the ability to adjust risk management actions as market and business needs evolve. Its solutions add significant capabilities and efficiencies throughout a financial institution’s credit risk management processes, including risk assessments, scoping, workflow management, borrower review, and reporting.
“Abrigo’s credit risk management assistance has strengthened financial institutions for the better part of 20 years, but a key part of our strategy as we grow is to make sure we are responding to the market pressures our customers face. DiCOM Software helps us do that,” said Jay Blandford, CEO of Abrigo. “Combined with Abrigo’s existing lending and portfolio risk offerings, DiCOM’s robust solutions help our customers prepare for any type of credit risk that might evolve.”
DiCOM Software’s solutions, built by and for credit risk professionals, replace inefficient, time-consuming methods and deliver measurable results to banks, agriculture lenders, credit unions, and third-party service providers.
Steve Wert, DiCOM Software’s President & CEO noted “Our customers will realize significant benefit from the increased depth and breadth of our integrated suite of market-leading credit risk management solutions. Additionally, the combined strength of Abrigo’s and DiCOM’s experienced, customer-focused credit risk professionals will provide unparalleled service within the market. This acquisition is a great fit and natural evolution for DiCOM.”
Using Abrigo’s award-winning loan origination system and DiCOM Software’s web-based solutions, loan review staff can easily perform effective risk assessments, increase loan review productivity, and improve credit quality without having to rekey data stored in siloed databases. Customizable worksheets, workflows, and impactful reports for management help institutions achieve double-digit efficiency gains and allow more time for focusing on effective and consistent reviews. DiCOM clients will have additional resources to manage the full life of a loan while managing fewer vendors, all with Abrigo’s award-winning customer service and its top-notch cybersecurity and implementations.
SOURCE: PR Newswire